Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss).

(in millions)
Years Ended December 31	2023		2022		2021
Accumulated net unrealized gains (losses) on investment securities:
Balance at beginning of period, net of tax	$	(2,319)	$	(99)	$	211
Net unrealized gains (losses) arising during the period	361		(2,903)		(406)
Less: Provision (benefit) for income taxes	85		(683)		(96)
Change in net unrealized gains (losses) on investment securities, net of tax	276		(2,220)		(310)
Balance at end of period, net of tax	$	(2,043)	$	(2,319)	$	(99)
Accumulated net (losses) gains on cash flow hedges:
Balance at beginning of period, net of tax	$	(942)	$	55	$	155
Net cash flow hedge gains (losses) arising during the period	34		(1,329)		(35)
Reclassification of loss related to de-designation of derivatives to other noninterest income	(195)		—		—
Less: Benefit for income taxes	(38)		(313)		(8)
Change in net cash flow hedge losses arising during the period, net of tax	(123)		(1,016)		(27)
Less:
Net cash flow (losses) gains included in interest and fees on loans	(576)		(25)		95
Amortization of unrealized losses related to de-designated derivatives included in interest and fees on loans	(26)		—		—
Less: (Benefit) provision for income taxes	(142)		(6)		22
Reclassification adjustment for net cash flow hedge (losses) gains included in net income, net of tax	(460)		(19)		73
Change in net cash flow hedge gains (losses), net of tax	337		(997)		(100)
Balance at end of period, net of tax (a)	$	(605)	$	(942)	$	55
Accumulated defined benefit pension and other postretirement plans adjustment:
Balance at beginning of period, net of tax	$	(481)	$	(168)	$	(302)
Actuarial gain (loss) arising during the period	96		(415)		159
Prior service credit arising during the period	—		—		1
Net defined benefit pension and other postretirement plans adjustment arising during the period	96		(415)		160
Less: Provision (benefit) for income taxes	25		(98)		38
Net defined benefit pension and other postretirement plans adjustment arising during the period, net of tax	71		(317)		122
Amounts recognized in other noninterest expenses:
Amortization of actuarial net loss	36		28		40
Amortization of prior service credit	(23)		(23)		(25)
Total amounts recognized in other noninterest expenses	13		5		15
Less: Provision for income taxes	3		1		3
Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax	10		4		12
Change in defined benefit pension and other postretirement plans adjustment, net of tax	81		(313)		134
Balance at end of period, net of tax	$	(400)	$	(481)	$	(168)
Total accumulated other comprehensive loss at end of period, net of tax	$	(3,048)	$	(3,742)	$	(212)

(a)The Corporation expects to reclassify $383 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at December 31, 2023 levels.